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TerraUSD spooks crypto market as stablecoin plunges

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An estimated $USD200 billion has been wiped from the value of crypto currency around the world as a run on the most popular coins followed the collapse of one investment that was never meant to fall.

Mr Greenwood said the algorithmic stablecoin TerraUSD is an intended one-to-one peg to the US dollar.

“It’s supposed to mirror the US dollar – so in other words one stablecoin equals one US dollar,” he said. “The idea was if you sold your Bitcoin or your Ethereum, you’d go and buy these instead rather than actually converting it back to actual cash until you’re ready for your next transaction.” Mr Greenwood said the crypto market has become “spooked” after the stablecoin suddenly dropped in value to 23 US cents.

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